Volkswagen’s Buyback Deal is Official

Volkswagen TDI (Credit: © VW)

Yesterday, we brought you a report that claimed Volkswagen will buy back all 2.0-liter TDI vehicles with emissions-cheating devices installed and offer a cash settlement. Shortly after making that post live, the details of the official deal became public, and they are pretty much in line with what the reports claimed.

According to the deal, which was agreed upon in principal yesterday morning, Volkswagen will offer to repair said vehicles, buy them back, or cancel any existing leases on them. The decision is up to the owner of the vehicle. In addition to the offer to repair the vehicle or take it off the owner’s hands, Volkswagen will also pay a “substantial” settlement to the owner. The exact dollar figure of the settlement remains unknown, but rumors point toward it being around $5,000.

This deal involves roughly 482,000 vehicles that are as old as 2009. There is still no official word on the 80,000 vehicles with the 3.0-liter TDI engine, which was also guilty of cheating, but reports indicate that this deal is in the works too. Chances are, it will mimic the 2.0-liter deal.

There is no official word on what VW will do with the vehicles that it buys back, but earlier reports claimed that it would repair and sell them back to the public. This resale could help the company recoup some of the roughly $1 billion it will lose buying these vehicles back.

There is no official timeline for this deal’s rollout, but that news should come soon. We’ll continue monitoring this developing story and bring you updates as they become available.